Luca di Montezemolo, who has stepped down as chairman of the Italian carmaker Fiat, has said he still has hopes of luring Valentino Rossi to drive for Ferrari in Formula One.

Montezemolo will remain president of Ferrari, with 34-year-old John Elkann - a descendant of the founding Agnelli family - replacing him at Fiat because Montezemolo has "finished the task" he began in 2004.

On the day he made the announcement he said he was pushing for a change in the rules to allow what he called "major teams" to enter a third car in 2011.

"We want a third car and I would do everything to have Valentino (Rossi)," he told reporters. "When he wins this year's MotoGP, enough is enough, he must also win in Formula One."

Rossi, whose contract with Yamaha is up at the end of the season, did two days of test driving for Ferrari in January but denied at the time he was looking to make a switch. "When I could come to F1, I will be too old," he said. "There are wonderful drivers there. I'm fine in my world, which is bikes. This is just a diversion, some fun, and I am grateful to everybody for the opportunity."